Forest Labs Continues to Reject Icahn, Who Continues to Fight Back
With the company’s annual shareholders’ meeting set for August 15, Forest Laboratories Inc. (NYSE: FRX) continues its proxy fight with activist investor Carl Icahn, who has proposed a slate of four candidates for the company’s board of directors. Forest Labs…
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The misguided assertions in Mr. Icahn’s July 30 filing expose his fundamental lack of understanding of Forest’s business.
Icahn fired back this morning with another filing, announcing that Egan-Jones Proxy Services has recommended Icahn’s slate of candidates. Icahn noted:
The Egan-Jones recommendation should send a strong signal to stockholders that change is warranted on the Forest Labs board and that my nominees have impressive qualifications and a viable plan to enhance shareholder value at Forest Labs.
The dueling filings have not ginned up any premarket activity on Forest Labs’ stock, which closed yesterday at $33.83 in a 52-week range of $28.47 to $37.48.
Paul Ausick
Contact [email protected] for any questions or corrections.
Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
